Technically, the daily chart indicators are moving higher in the bearish territory and are approaching midlines.
ETH/USD is in Slow and Steady Uptrend
This past week was super bullish as ETH/USD started an upward move and climbed by more than 20 percent. The pair followed a bullish path and settled above the $500.00 level.
Similarly, it was a positive week for ETH/BTC as the pair gained momentum and broke the 0.0600BTC resistance. It is now positioned nicely above 0.0600BTC and eyes a test of the next resistance at 0.0650BTC.
Let’s look at the daily chart of ETH/USD to evaluate this past week’s upward move. The pair traded in a broad range above the $360.00 level before trading higher. After the mentioned consolidation, Ether broke a major bearish trendline with resistance near $405.00 to start a fresh bullish wave.
The price gained bullish momentum and traded above the 50 percent Fibonacci retracement level of the last decline from the $590.15 high to $359.33 low. It opened the doors for more upsides, and the price cleared the $500.00 psychological level.
The upward wave faced resistance near the $530.00 level and the 76.4 percent Fibonacci retracement level of the last decline from the $590.15 high to $359.33 low. More importantly, there is a crucial resistance sitting near $565.00 and a bearish trendline on the same chart.
Therefore, a successful break above $530.00 could push the price toward the $565.00 barrier. Should Ether succeed in advancing above $565.00, the price will most likely break $591.00 to accelerate gains.
Dropping down to the 2-hour chart, there is a short-term contracting triangle forming with support near $500.00 and resistance at $520.00. The next move in ETH/USD could either be a trend continuation above $520.00 and $530.00 or an extended correction toward $450.00.
The overall medium-term bias is bullish, but a break above $565.00 could be significant for further gains toward $590.00 and $600.00.